Shares of industrial and transportation companies rose after the Federal Reserve indicated it would maintain support for financial markets at extraordinary levels.
Fed Chairman Jerome Powell also sought to quell fears about the inflationary implications of monetary and fiscal policy, arguing that the pandemic was a disinflationary shock.
Boeing shares fell after the aerospace giant said it would cut production of commercial jets even further and continue to shrink its workforce as the coronavirus pandemic deepens its toll on the global aviation industry. The U.S. aerospace giant lost $2.4 billion in the second quarter and said it may consolidate some jet assembly to save money and prepare for a multiyear slowdown in aircraft deliveries. General Dynamics surpassed Boeing as the producer of the largest number of jets in the quarter, as its Gulfstream unit delivered 32 private jets.
In another sign of struggles in the jet-making industry caused by the hiatus in global air travel, General Electric posted a roughly $2 billion quarterly loss, reflecting in large part the drying-up of demand at its jet-engine unit.
Saia shares fell after the trucking line reported weaker second-quarter revenue and earnings, reflecting how the pandemic created disruptions for its business and customers. The U.K. construction-materials company swung to a pretax loss in the first six months of the year as the coronavirus lockdown prompted an immediate fall in demand but added its market was improving.
Eastman Kodak shares doubled in value in the session after the photography company won a $765 million government loan under the Defense Production Act, for shifting into drug production.
Dublin-based power-management company Eaton recorded falling sales in the second quarter as the pandemic disrupted demand, but its revenue and adjusted profit were higher than analysts had forecast.
Write to Rob Curran at rob.curran@dowjones.com
